https://www.rubio.senate.gov/wp-content/uploads/2024/09/The-World-China-Made.pdf
"Commentary on China’s economy swings wildly between extremes. On the
one hand, the Chinese economy is often portrayed as deeply troubled,
perhaps even on the verge of collapse. Stories in this vein emphasize
China’s very high debt burden, slowing growth, distressed real-estate
sector, and aging population—all real problems. President Joe Biden
repeated a version of this argument in an interview with TIME magazine
in June, where he stated that China’s economy is “on the brink”
..
On the other hand, there is growing awareness—and alarm—about China’s dominant position in high-tech sectors deemed critical to the future of
the world economy. President Biden’s attempts to wall off the American
auto industry from Chinese competition, while insufficient, show he is
aware of this fact.
Can these stories be reconciled? Perhaps. It may be the case that
China’s export- and manufacturing-oriented development model has been successful enough to propel China to the technology frontier in the
short term, but not successful enough to help the country outrun its
structural problems in the long term. This is certainly the narrative
that many in Washington prefer, as it recalls our victory in the Cold
War. Then, an innovative, dynamic, and capitalist United States
triumphed over an adversary with a gerontocratic and dysfunctional
political class and a communist economic model incapable of managing the transition to the information age.
..
Instead of being complacent, the United States must act urgently to
shield itself from China’s predations and reboot its ailing industry.
This will require a bold industrial policy to support sectors critical
to our national and economic security, paired with an equally bold
deregulatory agenda to clear the path for industry to build again.180 It
will require strong trade barriers capable of adapting to China’s transshipment and “going out” strategy. It will require greater
vigilance against Chinese espionage, propaganda, and technology theft, particularly in sectors like aerospace, agriculture, and biotech,
where we retain leads. Adapting to the new reality will require dusting
off old history books and playbooks for development."
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